The forward's representative claims that the country's biggest teams are no longer in a position to buy the best players in the world
The Azzurri attacker has been linked with Juventus in recent days but his representative, Mino Raiola, insists that there is no chance of the deal happening, arguing that there is not a club in the league that can afford his client.
"Mario Balotelli will not return to play in Italy," he told Sportmediaset. "City consider Mario unsellable and Mario has no intention of returning to Serie A until Italian football improves its current situation.
"Mario Balotelli cannot return to Italy, because of the economic situation of Italian football. The top players are not coming to Italy right now.
"In football, nothing is impossible but Mario has not asked me about it and has no intention of returning anyway."
Balotelli, who is currently on international duty at Euro 2012, left Inter to join City in the summer of 2010 for a reported fee of 22 million euros.